Web3 Funding is Down? HashKey Simply Closed Its Third Fund with $500M in Commitments

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Fast take:

HashKey has closed its third fund with $500 million in commitments.The HashKey FinTech Funding Fund III will concentrate on crypto and blockchain alternatives globally.The fund primarily targets tasks in blockchain infrastructure, tooling, and consumer-facing purposes.

HashKey has closed its third fund with $500 million in commitments. The digital assets-focused enterprise capital agency mentioned the brand new fund dubbed HashKey FinTech Funding Fund III will concentrate on crypto and blockchain alternatives globally.

HashKey has been one of the energetic web3-focused enterprise capital companies regardless of the crypto winter. The corporate has concentrated its web3 enterprise investments on blockchain infrastructure and knowledge protocols. 

In December, HashKey was one of many traders in blockchain infrastructure and decentralised storage platform Nillion’s $20 million fundraising. 

In October, the corporate additionally backed Hong Kong-based web3 funds infrastructure platform Reap’s $40 million spherical. HashKey can be an investor in Chainsafe, one other web3 infrastructure agency. It additionally invested within the web3 knowledge platform Area and Time in September final 12 months.

Different notable tasks backed by HashKey embody Cosmos, Coinlist, Aztec, Blockdaemon, dYdX, imToken, Animoca Manufacturers, Masks Community, FalconX, Polkadot, Moonbeam, Area and Time, and Galxe.

Fund III might be managed by basic companion HashKey FinTech Funding, which is a part of HashKey Capital. The fund acquired robust backing from sovereign wealth funds, firms, and household places of work.

The fund’s main purpose is to advance promising crypto and blockchain tasks globally, with a key concentrate on rising markets.

Commenting on the fundraising, Deng Chao, CEO of HashKey Capital and Head of HashKey Singapore mentioned: “HashKey Capital has weathered no less than three cycles within the business. These distinctive experiences and insights might be invaluable to us in navigating by turbulence. We’re one of many few crypto traders which have been granted a license for fund administration involving digital property in Hong Kong, with one other approval in precept acquired for fund administration in Singapore.”

Chao who additionally highlighted HashKey’s expertise throughout instances of market turbulence mentioned the agency was one of many early supporters of crypto and blockchain expertise. “We’re happy to proceed to tackle this duty and work with our companions to ascertain the gold commonplace for the business’s sustainable progress.”

The previous 13 months have seen the crypto business shed a whopping $2 trillion in market cap after reaching an all-time excessive of about $3 trillion in November 2021. The consequences of the crypto winter hit enterprise capital companies later in the time-frame, with web3 funding slowing considerably starting July 2022.

Issues received worse in This autumn 2022, with CrunchBase estimating a 74% decline in funding for web3 startups.

However HashKey having been one of many pioneers in backing crypto and blockchain expertise tasks continued to take a position all through the quarter as highlighted by the chosen headlines.

The corporate additionally lays declare to have impressed the identify ‘Shanghai Improve’ for Ethereum (a course of that might make Layer 2 transactions on Ethereum a number of instances cheaper and quicker). 

“As one of many earliest institutional traders in Ethereum and the host of Devcon2, we’ve got maintained for the reason that first day that the facility of blockchain and crypto innovation can create a greater future. Fund III will comply with our time-tested funding rules whereas additionally searching for game-changers, which might be these that can propel the business ahead into the following stage.” mentioned Dr. Xiao Feng, Chairman of HashKey Group.

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